To speed research response times, online questionnaire provider SurveyMonkey is now offering survey services across devices, instead of the email it’s primarily relied on since starting up in 1999.
Analysts see the move of the global company as a bid for part of the $25 billion global market research business.
Already, some 35 percent of the firm’s surveys are completed via mobile, reports a recent AdExchanger story. The San Mateo, California-based company also integrates with conversational user interfaces such as Slack and Facebook Messenger to boost survey completion, using machine learning to determine predictors for effective completion. It can also plug into clients’ CRM systems to link survey data with in-house records.
AdExchanger reports SurveyMonkey is on track to earn $200 million this year. Its website notes it works with 99 percent of the Fortune 500, and CNBC notes it receives some 3 million online responses daily. Earlier this year, CNBC named the company to its 2017 Disruptor 50 list of firms across the U.S. that have achieved success by identifying unexploited niches. A future IPO is rumored.
“We see a big opportunity to grow in the people-powered data space, which is extremely important for businesses drowning in data,” CEO Zander Lurie told AdExchanger. “Market research tends to be measured in the time frame of weeks to months, but we believe businesses today need to be responding at a much faster rate. Being able to field research (inquiries) and analyze data within hours is a real competitive advantage for us.”
Making research data work for you
While vendors such as SurveyMonkey continue to round up valuable data from multiple sources, many companies lack the capacity for using such intelligence to its full advantage. In a recent survey, 59 percent of companies worldwide reported they lack the capabilities to generate meaningful business insights from their data.
That's where a product intelligence solution such as Lineate’s DataSwitch can step in. Our new tool supplements the information you gather in-house with data from other first- and third-party sources, creating meaningful and well-rounded insights that help you segment audiences so you can plan strategies across a variety of messaging channels and platforms. DataSwitch is specially designed to help you capitalize on the greater array of connected devices and tools now available for managing and leveraging your customer intelligence.